Italian designer Gianfranco Ferre, the "architect of fashion" (and favorite designer of Oprah Winfrey) died yesterday at the age of 62 from a brain hemorrhage. In addition to designing his own eponymous label, he created scandal by being [gasp!] an Italian overseeing Dior, from 1989-1996. Nonsensical statement from John Galliano surely TK. [IHT]

Who will be Ferre's successor? You know the Italians: They're always soooo clear cut and undramatic about these fashion house leadership questions.. [WSJ]

Oscar de la Renta is creating a line of baubles for his beloved ladies who lunch. The jewelry line will run under the kinda-gross name "O Oscar." [WWD, sub req'd]

Gisele Bundchen: The highest paid-model of the year! Which proves, dears, that you don't have to be a flagrant cokehead and/or a 14-year old Slovenian girl to make a buck in this industry. [Vogue UK]

Wal-Mart continues its ill-fated foray into fashion by ditching its employees' signature blue vest for a more "preppy" uniform. Memo to Wal-Mart: Maybe whenever you have an "instinct" about fashion, you should go ahead and do the opposite. [ABC News]